Indiana § 5-28-16-2 Fund established; purpose; administration; budget committee review
of programs, initiatives, and investment policies; reporting
requirements; budget agency review and approval of available funding

Indiana Statutes

§ 5-28-16-2 — Fund established; purpose; administration; budget committee review of programs, initiatives, and investment policies; reporting requirements; budget agency review and approval of available funding

Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 28 INDIANA ECONOMIC DEVELOPMENT·Ch. 16 Indiana Twenty-First Century Research and Technology

(a)The Indiana twenty-first century research and technology fund is established within the state treasury to provide grants or loans to support proposals for economic development in one

(1)or more of the following areas:

(1)To increase the capacity of Indiana postsecondary educational institutions, Indiana businesses, and Indiana nonprofit corporations and organizations to compete successfully for federal or private research and development funding.

(2)To stimulate the transfer of research and technology into marketable products.

(3)To assist with diversifying Indiana's economy by focusing investment in biomedical research and biotechnology, information technology, development of alternative fuel technologies, development and production of fuel efficient vehicles, and other high techn

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(a) The Indiana twenty-first century research
and technology fund is established within the state treasury to provide
grants or loans to support proposals for economic development in one
(1) or more of the following areas:
(1) To increase the capacity of Indiana postsecondary educational
institutions, Indiana businesses, and Indiana nonprofit
corporations and organizations to compete successfully for federal
or private research and development funding.
(2) To stimulate the transfer of research and technology into
marketable products.
(3) To assist with diversifying Indiana's economy by focusing
investment in biomedical research and biotechnology, information
technology, development of alternative fuel technologies,
development and production of fuel efficient vehicles, and other
high technology industry clusters requiring high skill, high wage
employees.
(4) To encourage an environment of innovation and cooperation
among universities and businesses to promote research activity.
(5) To provide grants to district boards that are established in the
city of Lafayette and the city of Fort Wayne under the
entrepreneur and enterprise district pilot program established
under IC 5-28-15.5 and as set forth in IC 5-28-15.5-5.
(b) The fund consists of:
(1) appropriations from the general assembly; and
(2) loan repayments.
(c) The corporation shall administer the fund. The following may be
paid from money in the fund:
(1) Expenses of administering the fund.
(2) Nonrecurring administrative expenses incurred to carry out the
purposes of this chapter.
(d) Earnings from loans made under this chapter shall be deposited
in the fund.
(e) The budget committee shall review programs and initiatives and
corresponding investment policies established by the board. The budget
agency shall review each recommendation to verify and approve
available funding and compliance with the established investment
policy. Money in the fund may not be used to provide a recurring
source of revenue for the normal operating expenditures of any project.
(f) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested. Interest that accrues
from these investments shall be deposited in the state general fund.
(g) The money in the fund at the end of a state fiscal year does not
revert to the state general fund but remains in the fund.
(h) For each state fiscal year beginning after June 30, 2017, and
ending before July 1, 2022, the corporation may allocate two million
dollars ($2,000,000) of the total amount held within the fund in that
state fiscal year for the purposes of making grants from the fund under
subsection (a)(5) to district boards established in the city of Lafayette
and the city of Fort Wayne as set forth in IC 5-28-15.5-5. This
subsection expires December 31, 2022.

Indiana § 5-28-16-2 (Fund established; purpose; administration; budget committee review of programs, initiatives, and investment policies; reporting requirements; budget agency review and approval of available funding) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

As added by P.L.4-2005, SEC.34. Amended by P.L.1-2006, SEC.128; P.L.2-2007, SEC.108; P.L.127-2007, SEC.1; P.L.213-2015, SEC.71; P.L.237-2017, SEC.21; P.L.238-2017, SEC.5; P.L.86-2018, SEC.21.